《大行報告》野村升恆安(01044.HK)評級至「中性」 下調目標價至42.2元
野村發表研究報告指,恆安(01044.HK)上半年衛生巾銷售額按年下跌6%,主要由於上半年國際品牌在中高端市場滲透率提升,市場出現較大營銷競爭,導致銷量下跌。
該行預期,市場競爭加劇,加上傳統銷售渠道表現疲弱,恆安或要面對市場份額持續流失。
紙巾業務期內銷售下跌12.2%,野村提到同期維達(03331.HK)增長20%,相信恆安表現較差是因為市場需求已恢復理性,消費者現時更著重價格比較。估計恆安未來銷售將繼續跑輸同業,全年料跌8%,毛利率或收窄至28.9%。
野村表現,在木漿成本上升的壓力下,下半年毛利率面臨挑戰,將全年銷售額及盈利預測分別下調7.8%及11.4%,目標價由47.6元下調至42.2元,但由於現價水平較合理,將恆安的評級提升至「中性」。在個人護理行業推薦維達,評級「買入」。
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